Credit-Supply Shocks and Firm Productivity in Italy.:
The Italian economy has been struggling with low productivity growth and bank balance sheet strains. This paper examines the implications for firm productivity of adverse shocks to bank lending in Italy, using a novel identification scheme and loan-level data on syndicated lending. We exploit the he...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C., UNITED STATES :
INTERNATIONAL MONETARY FUND,
2017.
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| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | The Italian economy has been struggling with low productivity growth and bank balance sheet strains. This paper examines the implications for firm productivity of adverse shocks to bank lending in Italy, using a novel identification scheme and loan-level data on syndicated lending. We exploit the heterogeneous loan exposure of Italian banks to foreign borrowers in distress, and find that a negative shock to bank credit supply reduces firms' loan growth, investment, capital-to-labor ratio, and productivity. The transmission from changes in credit supply to firm productivity relates to labor market rigidities, which delay or distort the adjustment of firms' desired labor and capital allocations, and thereby reduce firms' productivity. Effects are stronger for firms with higher capital intensity and external financial dependence. |
| Beschreibung: | 1 online resource (30) |
| ISBN: | 147558895X 9781475588958 |
Internformat
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| id | ZDB-4-EBA-ocn981989181 |
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| spelling | D?orr, Sebastian; Raissi, Mehdi; Weber, Ank. Credit-Supply Shocks and Firm Productivity in Italy. Washington, D.C., UNITED STATES : INTERNATIONAL MONETARY FUND, 2017. 1 online resource (30) text txt rdacontent computer c rdamedia online resource cr rdacarrier Print version record. The Italian economy has been struggling with low productivity growth and bank balance sheet strains. This paper examines the implications for firm productivity of adverse shocks to bank lending in Italy, using a novel identification scheme and loan-level data on syndicated lending. We exploit the heterogeneous loan exposure of Italian banks to foreign borrowers in distress, and find that a negative shock to bank credit supply reduces firms' loan growth, investment, capital-to-labor ratio, and productivity. The transmission from changes in credit supply to firm productivity relates to labor market rigidities, which delay or distort the adjustment of firms' desired labor and capital allocations, and thereby reduce firms' productivity. Effects are stronger for firms with higher capital intensity and external financial dependence. Financial crises. Financial crises Italy. Labor market Italy. Marché du travail Italie. BUSINESS & ECONOMICS / Industries / General bisacsh Financial crises fast Labor market fast Italy fast https://id.oclc.org/worldcat/entity/E39PBJvd8mVMcRhwVmbtcqCPcP has work: Credit-supply shocks and firm productivity in Italy (Text) https://id.oclc.org/worldcat/entity/E39PCFyjcyj4kQc6BCx86Kth73 https://id.oclc.org/worldcat/ontology/hasWork FWS01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1496825 Volltext |
| spellingShingle | D?orr, Sebastian; Raissi, Mehdi; Weber, Ank Credit-Supply Shocks and Firm Productivity in Italy. Financial crises. Financial crises Italy. Labor market Italy. Marché du travail Italie. BUSINESS & ECONOMICS / Industries / General bisacsh Financial crises fast Labor market fast |
| title | Credit-Supply Shocks and Firm Productivity in Italy. |
| title_auth | Credit-Supply Shocks and Firm Productivity in Italy. |
| title_exact_search | Credit-Supply Shocks and Firm Productivity in Italy. |
| title_full | Credit-Supply Shocks and Firm Productivity in Italy. |
| title_fullStr | Credit-Supply Shocks and Firm Productivity in Italy. |
| title_full_unstemmed | Credit-Supply Shocks and Firm Productivity in Italy. |
| title_short | Credit-Supply Shocks and Firm Productivity in Italy. |
| title_sort | credit supply shocks and firm productivity in italy |
| topic | Financial crises. Financial crises Italy. Labor market Italy. Marché du travail Italie. BUSINESS & ECONOMICS / Industries / General bisacsh Financial crises fast Labor market fast |
| topic_facet | Financial crises. Financial crises Italy. Labor market Italy. Marché du travail Italie. BUSINESS & ECONOMICS / Industries / General Financial crises Labor market Italy |
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